Providence Resources has concluded its first technical appraisal of geological data from its Rathlin onshore and offshore Northern Ireland acreage.
Evaluation of existing 2D seismic, shallow and deep wellbore and outcrop geological data points to conventional hydrocarbon prospectivity in Lower Triassic Sherwood sandstones of the same sequence as found in Liverpool Bay where both oil and gas are produced.
To date, just one deep hydrocarbon exploration well has been drilled in the basin, the onshore Ballinlea-1, which was drilled by Rathlin Energy, which reported samples of good quality oil were brought to surface for analysis.